PEFINDO has affirmed its idAAA rating with stable outlook to PT Perusahaan Listrik Negara (Persero) (PLN)

(June 4, 2026)--PEFINDO has also affirmed its idAAA rating for PLN’s Bonds and its idAAA(sy) rating for its Sukuk Ijarah. The rating reflects PLN’s very strong likelihood of support from the government, reflecting its critical role in delivering electricity services nationwide. The Company’s standalone credit profile reflects its superior market position and extensive national penetration, strong financial flexibility, and potential growth in domestic electricity demand. The rating is constrained by the Company’s high financial leverage and its exposure to risks associated with the ongoing energy transition.

The rating may be lowered if we view a material weakening in government support, such as adverse changes in the regulatory framework or prolonged delays in subsidy and compensation payments that result in sustained pressure on the Company’s liquidity and financial profile.

PLN is a fully government-owned enterprise and serves as Indonesia’s sole integrated electricity utility, overseeing the end-to-end process of power generation, transmission, and distribution nationwide. As of March 31, 2026, the Company operated a total installed capacity of 49,438 megawatts (MW) (including rental). (ends)